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Note 6 - Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Text Block]

6.	GOODWILL AND INTANGIBLE ASSETS:

Goodwill

The Company has recorded goodwill in connection with its business acquisitions within the Precast reportable segment. The changes in the carrying amount of goodwill for the year ended December 31, 2021 were as follows (in thousands):

Goodwill, December 31, 2020	$	22,985
Acquisition of ParkUSA (Note 3)		30,699
Goodwill, December 31, 2021	$	53,684

The Company performed its annual goodwill impairment test as of December 31, 2021, utilizing a qualitative analysis, and did not identify any potential impairment.

Intangible Assets

Intangible assets consist of the following (in thousands):

	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
As of December 31, 2021
Customer relationships	$	29,209	$	(2,997	)	$	26,212
Trade names and trademarks		12,825		(1,245	)		11,580
Patents		1,300		(15	)		1,285
Backlog		300		(129	)		171
Other		329		(201	)		128
Total	$	43,963	$	(4,587	)	$	39,376

As of December 31, 2020
Customer relationships	$	9,409	$	(1,634	)	$	7,775
Trade names and trademarks		3,225		(720	)		2,505
Other		329		(91	)		238
Total	$	12,963	$	(2,445	)	$	10,518

During the year ended December 31, 2021, intangible assets increased primarily due to the acquisition of ParkUSA. See Note 3, “Business Combinations” for additional information related to this transaction.

The estimated amortization expense for each of the next five years and thereafter is as follows (in thousands):

Year ending December 31,
2022	$	4,436
2023		4,173
2024		4,017
2025		4,017
2026		4,017
Thereafter		18,716
Total amortization expense	$	39,376